The Williams Companies, Inc. (NYSE:WMB) J.P. Morgan Energy, Power & Renewables Virtual Conference June 22, 2021 9:50 AM ET Company Participants Alan Armstrong - President and Chief Executive Officer Conference Call Participants Jeremy Tonet - JPMorgan Jeremy Tonet Good morning, everyone. We are extraordinarily excited to introduce Alan Armstrong, President and CEO of Williams Companies. Alan became President and Chief Executive Officer at Williams in January of 2011. Alan joined Williams in 1986 as an engi ...

Williams Companies Inc. (NYSE:WMB) 2021 Energy Infrastructure Council Investor Conference May 20, 2021 1:15 PM ET Company Participants Micheal Dunn - EVP and Chief Operating Officer Conference Call Participants Tristan Richardson - Truist Securities Tristan Richardson Alright. Thank you, guys, for joining us. Our next presentation, we're so lucky to have the Williams Companies participating with us today. And here with us is the Executive Vice President and Chief Operating Officer of Williams, Micheal Dunn. ...

The Williams Companies, Inc. (NYSE:WMB) Q1 2021 Earnings Conference Call May 4, 2021 9:30 AM ET Company Participants Danilo Juvane - Vice President, Investor Relations Alan Armstrong - President and Chief Executive Officer John Chandler - Chief Financial Officer Michael Dunn - Chief Operating Officer Lane Wilson - General Counsel Chad Zamarin - Senior Vice President, Corporate Strategic Development Conference Call Participants Praneeth Satish - Wells Fargo Christine Cho - Barclays Jeremy Tonet - JPMorgan Sh ...

Summary of The Williams Companies, Inc. Conference Call Company Overview - **Company**: The Williams Companies, Inc. (NYSE: WMB) - **Industry**: Midstream Natural Gas - **Participants**: John Chandler (CFO), Danilo Juvane (VP, IR), Justin Jenkins (Raymond James) Key Points Financial Performance and Resilience - Williams maintained its pre-pandemic EBITDA guidance, with 2020 EBITDA exceeding the original midpoint despite market disruptions [3][4] - The company attributes its resilience to three main factors: 1. **Transmission Assets**: Approximately 50% of the business consists of transmission assets that are 100% committed to firm capacity, ensuring stable earnings [5][6] 2. **Diversified Gathering Systems**: Operating in 15 different basins, the company mitigates risks associated with any single basin's performance [7][8] 3. **Cost Control**: A proactive cost reduction strategy implemented in 2019 resulted in $75 million in payroll savings, positioning the company favorably for 2020 [9][10] Outlook for 2021 and Beyond - Positive outlook for 2021, particularly in the Northeast, driven by stable natural gas producers focusing on free cash flow and balance sheet improvement [11][12] - Anticipated EBITDA growth in the Northeast due to increased wet gas and processing capacity, rather than volume growth [12] - Expected stability in the West, with some areas like Haynesville showing growth, while others like Eagle Ford may decline due to producer inactivity [14][15] Capital Allocation Strategy - Williams aims to achieve a debt-to-EBITDA ratio of 4.2, with plans to evaluate capital allocation priorities post-target achievement [17][18] - Potential options include further deleveraging, share buybacks, or investing in lower-return projects with firm capacity [18][19] Operational Insights - The company experienced minimal impact from recent extreme weather events in Texas, with only 20% of gas volume affected [27][28] - Ongoing discussions with producers indicate a focus on free cash flow and cost reduction, with a cautious approach to drilling [23][24] M&A and Industry Consolidation - Williams supports consolidation in the upstream and midstream sectors, emphasizing the need for efficiency and cost reductions [31][32] - Recent acquisitions include a 50% interest in Blue Racer Midstream, aimed at creating synergies and capital efficiencies [33][34] ESG Initiatives - Williams is committed to emissions reduction, with a target to achieve net-zero emissions by 2050 and a 44% reduction already achieved [36][37] - The company is exploring solar power projects and renewable natural gas facilities, with significant investment opportunities identified [47][48] Future Growth Opportunities - Transco pipeline presents substantial growth potential with 26 projects valued at $12 billion, linked to new LNG and industrial developments [55][56] - The Gulf of Mexico operations are expected to grow due to high utilization rates and the company's capacity to build pipelines in deepwater [56][57] - Strategic ownership of acreage from bankruptcies will be leveraged to enhance midstream value without becoming an upstream operator [57] Governance and Board Strength - Williams boasts a strong, independent board with significant industry experience, contributing to effective governance and strategic direction [51][52] Conclusion - The Williams Companies is well-positioned for stability and growth in the midstream natural gas sector, with a focus on financial resilience, strategic capital allocation, and proactive ESG initiatives. The company anticipates leveraging its strong asset base and market position to capitalize on future opportunities.